Mortgages: What the lenders look for

Here are the 14 factors, according to Bankrate.com, that the Desktop Underwriter, a Fannie Mae program, that are looked at in judging the borrower's loan qualification. Equity, credit history, your reserves, your debt-to-income ratio, down payment source, or whether you're buying a condo or a house: These are several of the factors. Remember, this is for an automated underwriting approach, it doesn't mean that there aren't other approaches to loan qualification, but the automated approach is one lenders like to use if you qualify because of the ease of finding you the actual loan source on which to close escrow. Click here for the full article.